No trading commissions: Most brokerages have scrapped trading commissions for online stock trades. SoFi is no different.
No account minimums: You can open a SoFi account with $1.
Fractional shares: SoFi is one of the few brokerages that let investors buy fractional shares of stock. Its fractional-shares feature called Stock Bits. In a nutshell, investors can buy a portion of a share of stock for as little as $1. This means that not only can investors open an account with a tiny deposit, but they can actually invest that tiny amount of money — even in stocks whose share prices are relatively high.
Dividend reinvestment: SoFi offers automatic dividend reinvestment to its members. With the click of a button, a SoFi investor could choose to have all their dividends automatically reinvested in additional shares.
Cryptocurrency trading: SoFi allows investors to trade cryptocurrency 24/7 through the same SoFi Invest platform that they use to buy and sell stocks. Current offerings include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ethereum Classic. SoFi has plans to add up to 40 more digital currencies to the platform.
All-in-one app: SoFi has an easy-to-use app that serves as the functional home base for its investing platform and other financial products.
Retirement accounts: Unlike some of the other low-frills brokerages, SoFi offers traditional, Roth, and SEP-IRA accounts to its investors, both active and automated.
Discounts on other SoFi products: As an Active Investor user, you’ll become a SoFi member. This entitles you to discounts on other products offered by the company. For example, if you end up taking out a personal loan, you can get a discounted interest rate because of your relationship with the company.